It can perchance well no longer be altcoin season factual but, nevertheless one of them has already doubled Bitcoin’s proportion features over the closing 365 days.

Solana’s native token SOL is up 580% over a one-365 days period, gaining 13% in the closing 24 hours to interchange at $84 on the time of writing.

Day to day trading quantity for the token change into once up a whopping 108% to $3.9 billion, making it the third most traded crypto asset outside of Bitcoin, Ethereum and stablecoins fancy USDT and USDC.

Read extra: Solana Cell Is Making a 2nd Crypto Smartphone

Exercise on the blockchain has additionally picked up seriously over the closing week, with data from DeFiLlama displaying that decentralized change (DEX) quantity on Solana surpassed Ethereum over the closing seven days.


Earlier this week, Unchained reported that Solana had taken the lead in every day stablecoin transfer quantity, which has grown 600% to $16.6 billion since the originate of December.

Institutional data platform Artemis attributed the uptick in the blockchain’s utilization to growth of memecoins fancy BONK and WIF, which created extra room for retail assignment evidenced by the high selection of every day active addresses on the network since the summer of 2022.

The dog-themed memecoin BONK now has a market capitalization of $1.2 billion, and those cashing out of their holdings will most incessantly convert their cash abet into SOL creating an even amount of procuring strain.

Read extra: Paxos Bringing Stablecoin Issuance on Solana, Diversifying Past Ethereum

It is price noting that the financial be anxious estate guilty of crypto change FTX has been current to sell its $3.4 billion in crypto holdings, of which $1.16 billion is in SOL.

Earlier this month, a pockets connected with FTX unstaked $90 million price of SOL and sent it to Coinbase, presumably in an effort to sell, that way that the token has been succesful of withstand a gargantuan amount of promoting strain coming from the change’s liquidation plans.